Deal sees first legal practice software ‘unicorn’ emerge
Cloud-based legal technology leader Clio has announced a new valuation of US$1.6 billion after raising $110 million in its Series E.
The investment signals an historic moment in the growth of legal technology, with Clio becoming the first legal practice management ‘unicorn’ globally.
“This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centred,” said Jack Newton, Clio chief executive and founder.
“The support from T. Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies.”
The legal industry is seeing a swift transformation to cloud technology as law firms look to find new ways to deliver services to clients.
Expectations
Post-pandemic, the move to digital-first law firms is expected to be a permanent one as consumer expectations and behaviours change.
Clio has said it will use the funding to further invest in its platform, strategic acquisitions, and new partnerships.
It plans to grow its workforce by 40% in the UK and Ireland this year.